Rethinking the Keynesian Revolution
Title | Rethinking the Keynesian Revolution PDF eBook |
Author | Tyler Beck Goodspeed |
Publisher | Oxford University Press |
Pages | 216 |
Release | 2012-06-04 |
Genre | Business & Economics |
ISBN | 019994279X |
While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, "Wicksellian" vision of economic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to academics and graduate students with general economics training.
Reinterpreting The Keynesian Revolution
Title | Reinterpreting The Keynesian Revolution PDF eBook |
Author | Robert Cord |
Publisher | Routledge |
Pages | 165 |
Release | 2013-05-02 |
Genre | Business & Economics |
ISBN | 1135132186 |
Various explanations have been put forward as to why the Keynesian Revolution in economics in the 1930s and 1940s took place. Some of these point to the temporal relevance of John Maynard Keynes's The General Theory of Employment, Interest, and Money (1936), appearing, as it did, just a handful of years after the onset of the Great Depression, whilst others highlight the importance of more anecdotal evidence, such as Keynes’s close relations with the Cambridge ‘Circus’, a group of able, young Cambridge economists who dissected and assisted Keynes in developing crucial ideas in the years leading up to the General Theory. However, no systematic effort has been made to bring together these and other factors to examine them from a sociology of science perspective. This book fills this gap by taking its cue from a well-established tradition of work from history of science studies devoted to identifying the intellectual, technical, institutional, psychological and financial factors which help to explain why certain research schools are successful and why others fail. This approach, it turns out, provides a coherent account of why the revolution in macroeconomics was ‘Keynesian’ and why, on a related note, Keynes was able to see off contemporary competitor theorists, notably Friedrich von Hayek and Michal Kalecki.
Evolution or Revolution?
Title | Evolution or Revolution? PDF eBook |
Author | Olivier Blanchard |
Publisher | MIT Press |
Pages | 388 |
Release | 2019-04-16 |
Genre | Business & Economics |
ISBN | 0262039362 |
Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers
Keynesian Revolution and Its Critics
Title | Keynesian Revolution and Its Critics PDF eBook |
Author | Gordon A. Fletcher |
Publisher | Springer |
Pages | 367 |
Release | 1989-08-01 |
Genre | Business & Economics |
ISBN | 1349201081 |
This study examines the pioneering economic work by John Maynard Keynes, "The General Theory of Employment, Interest and Money", and attempts to explain, with constant reference to the original sources, the complexity of Keynes' theories and the critical response they evoked.
The Keynesian Revolution
Title | The Keynesian Revolution PDF eBook |
Author | Lawrence R. Klein |
Publisher | Springer |
Pages | 298 |
Release | 2016-01-03 |
Genre | Business & Economics |
ISBN | 1349163198 |
The Keynesian Revolution in the Making, 1924-1936
Title | The Keynesian Revolution in the Making, 1924-1936 PDF eBook |
Author | Peter Clarke |
Publisher | |
Pages | 372 |
Release | 1990 |
Genre | Biography & Autobiography |
ISBN |
The name of John Maynard Keynes is still the focus of political and economic controversy, and in the course of it, "what Keynes really meant" has suffered much distortion. This book represents a quest for the historical Keynes. It follows the story of an argument which arose out of the performance of the British economy in the period of depression between the wars and provides an account of Keynes's thinking in the years that led up to the General Theory, making it comprehensible to specialists and non-specialists alike.
The Keynesian Revolution and its Critics
Title | The Keynesian Revolution and its Critics PDF eBook |
Author | Gordon A. Fletcher |
Publisher | Springer |
Pages | 366 |
Release | 1987-06-18 |
Genre | Business & Economics |
ISBN | 134908736X |